On January 1, 2019, Chace Instruments Sold a Depreciable Asset

Multiple Choice

On January 1, 2019, Chace Instruments sold a depreciable asset for cash of $400,000 and recognized a gain of $60,000. The asset had been purchased on January 1, 2014 with an estimated useful life of 10 years, and no salvage value. The asset was depreciated using the straight-line method.
What must have been the original cost of the asset?

A) $660,000
B) $800,000
C) $680,000
D) $920,000